Delio plans to sue regulators, alleging incorrect interpretation of the law, following an investigation and fine
The company’s CEO believes the regulator doesn’t want Delio to correct its practices.
This new lawsuit comes after an investigation and fine imposed on the Bitcoin lending firm by the South Korean watchdog.Earlier this month, The Financial Intelligence Unit of South Korea recommended the dismissal of Delio CEO Jeong Sang-ho through a sanctions announcement. Moreover, the watchdogs imposed a 3-month business suspension and a fine of 1.896 billion Won.
CEO Jeong Sang-ho strongly criticizes the FIU’s sanctions as unreasonable legal interpretation and unfair application, warning of potential harm to the domestic virtual asset industry. “Virtual asset deposits, staking, and lending are difficult to consider as financial investment products according to the definition of the Capital Markets Act because there is no possibility of principal loss.”
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